Assets of one firm can correspond to the liabilities of another firm.For example, an account receivable on the seller's balance sheet is an account payable on the buyer's balance sheet.
Required: For each of the following items, indicate whether it is an asset or a liability and give the corresponding account title on the balance sheet of the other party to the transaction:
a.Bonds Payable.
b.Interest Receivable.
c.Prepaid Insurance.
d.Rental Fees Received in Advance.
e.Advances from Customers.

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The Answer of Assets of one firm can correspond to the liabilities of another firm.For example, an account receivable on the seller's balance sheet is an account payable on the buyer's balance sheet.
Required: For each of the following items, indicate whether it is an asset or a liability and give the corresponding account title on the balance sheet of the other party to the transaction:
a.Bonds Payable.
b.Interest Receivable.
c.Prepaid Insurance.
d.Rental Fees Received in Advance.
e.Advances from Customers.

Assets of One Firm Can Correspond to the Liabilities of Another